Tag Archives: satoshi

Craig vs People

What if Satoshi Nakamoto wants Bitcoin privatized? It seems likely that Dr. Craig Wright wants exclusive rights over Bitcoin. Yet people who are using Bitcoin and are benefiting from it would like Bitcoin to become open source as long as possible.

TL;DR

Jack Dorsey, the former CEO of Twitter, is building a legal team to fight the potential over control of Dr. Craig Wright, a true Satoshi Nakamoto.

Here is a 1 min summary of the article if you want to skip the reading.

Who Is Satoshi

We do not precisely know who Satoshi Nakamoto is. We only know that he or a group of people invented Bitcoin, the first cryptocurrency widely used around the world nowadays.

Who Is Dr. Craig Wright

He is the person who claimed himself to be Satoshi Nakamoto and solely invented Bitcoin. He also wanted to control Bitcoin and make Bitcoin exclusive fully. He was patented the Bitcoin white paper worldwide to make it inaccessible to people around the world in the past.

When Dr. Craig Is Satoshi

If Dr. Craig Wright is truly Satoshi Nakamoto, he will privatize Bitcoin. He will control Bitcoin technology, including the code and the whitepaper for others to use for free. He will make open-source cryptocurrency a closed source.

COPA

Jack Dorsey created Crypto Open Patent Alliance to free all crypto materials from patent laws. It is a movement to make crypto become an open-source technology that everyone can participate in and develop from. A patent will slow down technology progress and makes technology centralized.

Check out my another article 2022 Prediction #10: Time for DAO 2.0

Bitcoin Legal Defense Fund

Jack Dorsey created another fund to help crypto developers freely develop technology without worrying about lawsuits. Like Dr. Craig Wright, who may sue everyone to use Bitcoin technology, Bitcoin Legal Defense Fund will help individuals and protect them from being sued by Dr. Craig if he becomes Satoshi.

Open Source

Cryptocurrency is always an open-source technology from day one. Therefore, privatizing cryptocurrency is against the idea of decentralizing the current system and moving backward, which we do not want in the future.

In Conclusion

I think Jack Dorsey is right about his legal funds to continue serving coders and developers to seek the advance of crypto technology without worrying about being sued by an individual who wants to control the technology.


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Institutional Investors vs. Whales

Technology companies have been challenged by institutional investors in the past. However, they have been failing miserably. Apple Pay, Google Pay, Amazon Storecard, and many technology payments are failing behind Visa and Mastercard. Even Paypal is falling short on the credit card payment system during the competitions. Institutional investors are powerful and now they win the influence over crypto assets too.

Power of Institutional Investors

They have the most money from their pocket. They influence the price action even though many “experts” convince investors the market is fair. It has been rigged as we knew for a long time.

Crypto as Investment 

Investors did not see crypto as a viable solution to investment until recently. It is not because the crypto does not have any value but because they cannot influence the crypto market at all. But now, they find a way to resolve this problem.

Future Contract of crypto

The future contract of crypto is a derivative asset to buy and sell the asset futures. Futures are a type of contract buyer will offer certain price in the future date and seller will sell at such price. It is a special way to trade speculative assets like Bitcoin to indirectly influence its price.

Also, check out: Who Cares If Craig Wright Is The Real Satoshi

Big Tech into Crypto

Big techs are now into crypto and trying to challenge institutional investors again. This time, some big tech companies are buying up blockchain companies and others are directly dipping their tow into the crypto market.

Microsoft is buying blockchain companies for preparing Metaverse’s future. Facebook changed its name to Meta and made its WhatsApp to capable of sending cryptos. Apple does not release their secrete source about crypto but their CEO owns crypto and watches behind the sense. Amazon already using its cloud service to provide Ethereum nodes. Other small tech companies like MicroStrategy just buy up every Bitcoin dip and to creates a Bitcoin reserve.

Crypto Whales

The power of whales is shrinking extensively. Whales are miners, they are holding assets rather than selling for profits. The problem is that the price action will be influenced by the institutional investors in a future contract. The whale may never make enough profits to recover its equipment costs.

In Conclusion

Of course, these are speculation on the market actions. The crypto investment in the future will be more difficult of making huge profits.

Photo by Susan Wilkinson on Unsplash

Who Cares If Craig Wright Is The Real Satoshi

Who wants to become Satoshi Nakamoto? It seems Craig Wright is so obsessed with taking credit for the Bitcoin invention. Does real Satoshi matter in the crypto industry anymore?

Craig Wright

An Australian computer scientist and businessman had self-claimed to be the man who created Bitcoin in 2016. Since then, he could not prove he had control of Satoshi’s wallet. The crypto community constantly criticized him for fraudulence to become Satoshi.

Who Is Satoshi

Satoshi is the Bitcoin creator. Speculatively, he or groups of people created Bitcoin in 2009. Today’s evidence suggests that Satoshi is a group of people, including Craig Wright, Dave Kleiman, and Hal Finney. Unfortunately, Dave Kleiman and Hal Finney have passed away, leaving Craig Wright to claim all credits.

Hal Finney was a well-known Bitcoin coder who was actively involved in the early stage of Bitcoin coding development and revealed his identity in the early stage of Bitcoin development until he passed away in 2014.

Dave Kleiman is instead a hidden figure who may create Bitcoin by himself with the theory provided by Craig Wright and who may solely control Satoshi’s private key. Unfortunately, he also passed away in 2013.

Hoax

The debate of who Satoshi is was rather long until the lawsuit began in 2018 from the estate of Dave Kleiman. He accused Craig of defrauding his business partners and infringing on intellectual property rights. Unfortunately, Craig is so obsessed with Satoshi and forgets about what Bitcoin can bring to society. As his obsession with Satoshi’s identity deepens, it is less likely that society will accept him as a Satoshi. 

Result of the Lawsuit

The lawsuit from the estate of Dave Kleiman instead accused Craig of stealing his business partner’s idea rather than proving Craig as Satoshi. However, Craig made the case to himself to prove to become Satoshi. The result is that the jury slashed him with a $100M payment of damage to Dave Kleiman’s estate. Craig may not even have Satoshi’s 1M Bitcoin, yet he has to come up with a $100M debt to pay off.

Does Satoshi Matter Anymore

The identity of Satoshi is not that important as the technology is open source and everyone can anticipate with. Furthermore, just like Hal Finney, Dave Kleiman, and many other coders who contributed to the projects, it is a community-driven creation rather than solely relying on a single person’s effort to make such a project benefit the entire human race.

In Conclusion

I think the hunting of who Satoshi will continue sparking speculation just like Bitcoin’s valuation. However, I also think that Satoshi does not matter as long as crypto continues evolving to challenge the traditional financial system and bring inclusiveness to every human being.